Pressure from activists for super funds to divest from Transfield Services, the biggest contractor in the Australian immigration detention industry, is increasingly bearing fruit.
HESTA, the industry superannuation fund for health and community services workers — at $32 billion one of Australia’s largest super funds — sold its 3.5% stake, worth $23 million, in Transfield Services on August 18.
On August 25 NGS Super, the industry superannuation fund for private school teachers, announced it would sell its $5.5 million stake in Transfield “on moral grounds”.